Creating Passive Income with Chris Miles
Release Date: 04/20/2020
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As founder of Money Ripples, host of The Chris Miles Money Show, and co-author of the book Entrepreneur on Fire, Chris Miles is a leading authority on quickly creating wealth by increasing monthly cash flow and creating passive income. He has shown hundreds of thousands internationally how to free up or generate tens of thousands of dollars each year! Chris has been featured in US News, CNNMoney, and Bankrate.com and has a reputation for getting his clients fast, proven results.
Many of his clients have the option to retire in less than 5-10 years, and Chris himself was able to retire twice by age 39! Chris’s passion is helping entrepreneurs, and high-income employees become financially prosperous by finding and fixing their money leaks and creating passive income.
Chris and his family live in Utah, but enjoy escaping to warmer weather during the winter months. In addition to helping his clients increase their cash flow, Chris is a talented ballroom dancer, choreographed ballroom dance routines for Utah Valley University, and got 5th place in his third grade spelling bee.
What’s going on in your world today?
Since the last time Chris was on the show nearly five years ago Chris was able to retire for the second time in his life. The first time he retired was at the age of 28, this time around at the age of 39 Chris was looking for something new. He never wanted to be full time again and as an educator at heart Chris continued working on his podcast and teaching people the same strategies that he used.
Chris is looking at the current situation in the world and seeing all the opportunities available to those that have been prepared.
The previous recession caused Chris a lot of problems and that’s when he learned the key lesson of never relying on only a few streams of income, because when those get shut off you’re out of luck.
Chris has a number of clients that are currently unable to work but because they have set up multiple streams of income beforehand they are able to ride out the problem.
If you weren’t prepared for the coronavirus, you need to do whatever you can. So many people have no idea what to do right now it’s like they’ve been stunned. There are several areas that people are not taking advantage of their money right now. One is the money in mutual funds and retirement plans, people pouring more money into the stock market right now are making a big mistake.
What should people do right now?
Get lean, get liquid, and get out. Even during the great depression there were people that prospered and those that did were the ones who got lean and were looking for opportunities. Liquid cash is where you want to be right now, having enough cash on hand to weather the storm is crucial. Money never comes from the government in the time you expect so don’t rely on them for help right now.
If you have time, start looking for ways to create value and make money. That could be short term rentals or other forms of real estate.
Creating Passive Income
The one big mistake that Chris made in the prior recession was in aiming for growth instead of plain old cash flow. The result was he went way too big on his deals and ended up losing the properties. This time, instead of going for sexy Chris went for certain.
The trouble is flashy $80,000 checks are interesting and people like seeing that. No one is particularly impressed when someone makes another $400 this month because their renter paid again. Nobody is showing off the time they lost $20,000 on a deal. When the market is good, it’s easy to show up as a winner but now is the time when we’ll see who the real players are.
If you’re concerned about getting into real estate or short term rentals right now because of the state of the market, you have to realize that it was actually harder before. Before people just had to show up, but if you’re actually providing a good service you have a tremendous opportunity.
The key principle is always looking where you can create value for people. What problem can you solve. Listen to what people are complaining about or desperate about, those are the best areas to tackle.
What’s never coming back?
Commercial real estate like office space is going to completely fall apart. The area that Chris is paying the most attention to is multifamily as he thinks there will be a push from people trying to get out of the urban sprawl in favor of moving to more rural areas. Many multifamily operators were over leveraged so there could be some opportunities there when those people look to sell at a discount.
What’s going to become bigger than it was before?
Telecommuting is going to become more prevalent with more companies realizing they can shrink their office size and make more profit. The companies that are willing to adapt are the ones that are going to win.
Transportation is going to change. Even Tesla is struggling right now because of falling gas prices and changing driving habits.
What would you say to someone who’s feeling like they are in a bad place right now?
You are exactly where you’re supposed to be right now. In the last recession Chris was over a million dollars in debt and wouldn’t have learned the things he knows now if he didn’t go through that time. He lost his house, his car, and most everything else but he learned that there are always opportunities and ways to create wealth if you understand the right principles. It always comes down to how you can create value for other people and solve problems.
Who do you know and what can you provide? If you’re not the one with the solution for someone’s problem, who can you refer them to that can help?
Remember that there is a reason behind your pain that will lead to a better gain. You can be a positive change in people’s lives by understanding and sharing the core principles of prosperity and wealth and creating passive income.